Michael Saylor’s Strategy has seen JPMorgan turn cautious on digital assets, with the bank warning that the company may need to rebuild its $ reserves as annual dividend obligations reach about $1.7 billion.

According to a Friday report from JPMorgan analysts led by Managing Director Nikolaos Panigirtzoglou, investor concerns increased after Strategy sold 32 Bitcoin between May 26 and May 31, even though the bank described the transaction as symbolic and voluntary.

The analysts said the sale appeared intended to demonstrate flexibility and commitment to preferred stockholders. Even so, they argued that the move raised questions about how Strategy plans to fund future dividend payments without relying on its Bitcoin holdings.

JPMorgan estimated that Strategy’s remaining dollar reserves cover only about 6.3 months of dividend payments. Strategy had established a $1.44 billion reserve in December to support preferred stock dividends and service interest payments on outstanding debt.

In the report, the analysts said restoring confidence may require Strategy to replenish those reserves, reducing concerns that additional Bitcoin sales could be needed to meet future obligations.

Hours after those concerns surfaced, Strategy co-founder and Executive Chairman Michael Saylor hinted at another Bitcoin purchase, posting on X that it was “a good time to add more dots.”

Strategy currently holds 843,706 Bitcoin acquired at an average price of $75,699. JPMorgan estimated the position represents an unrealized loss of roughly $11.5 billion at current market prices.

Bitcoin buying expected to continue

Despite concerns about reserves, JPMorgan said it still expects Strategy to remain an active Bitcoin buyer.

Based on the company’s acquisition pace so far this year, the analysts projected around $32 billion in Bitcoin purchases during 2026, up from approximately $22 billion in both 2024 and 2025. The estimate was revised higher from the bank’s previous forecast of $30 billion issued last month.

Recent debate over Strategy’s funding model has also drawn responses from industry figures. Earlier this month, BTCTOP CEO Jiang Zhuoer said he does not expect Strategy to become a significant net seller of Bitcoin even during a severe market decline.

In comments posted on X, Jiang argued that Strategy’s reputation as a long-term Bitcoin holder carries substantial value and that large-scale sales would damage the company’s public image. He also said a drop in Bitcoin to $30,000 would raise Strategy’s leverage ratio from roughly 5% to around 10%, which he described as manageable.

Jiang further suggested that Strategy could sell older, lower-cost Bitcoin to realize accounting gains and help cover STRC dividend obligations while continuing to acquire Bitcoin through new capital raised from investors.

Those comments contrasted with warnings previously raised by Grayscale, which said weakness in both MSTR shares and STRC preferred stock could make fundraising more difficult and increase pressure on the company’s financing model.

JPMorgan cuts confidence in crypto outlook

Elsewhere in its latest outlook, JPMorgan lowered its expectations for crypto market developments that it previously viewed as supportive for digital assets.

The analysts now assign less than a 50% probability that the U.S. crypto market structure legislation, known as the CLARITY Act, will pass this year. Earlier this week, JPMorgan said the bill faces a narrowing legislative window as midterm elections approach and debates over stablecoin yield provisions continue.

A positive second half for digital assets would depend partly on clarity around Strategy’s dividend funding plans and progress on market structure legislation, according to the bank.

JPMorgan’s latest stance contrasts with its February outlook, when the analysts said they were overweight and positive on digital assets for 2026 because they expected institutional investors to drive stronger inflows into the sector.

The bank also pointed to weaker capital entering crypto markets this year. JPMorgan estimates digital asset inflows at roughly $22 billion year to date, which translates to an annualized pace of about $52 billion, nearly half the level recorded in 2025. The calculation includes crypto fund flows, CME futures positioning, venture capital fundraising and corporate treasury purchases such as Strategy’s Bitcoin acquisitions.

Bitcoin’s production cost also remains an important metric in the bank’s analysis. JPMorgan said its central estimate fell from $90,000 at the start of the year to $77,000 before recovering to about $87,000 as mining conditions changed. Historically, the bank noted, production cost has often acted as a support level for Bitcoin prices.

Even after adopting a more cautious outlook, JPMorgan said the current pessimism across crypto markets could become a bullish contrarian signal if market conditions improve later in the year.

Key Takeaways

• XRP currently trades at $1.12, registering a 1.82% increase over the past 24 hours alongside a $69.45 billion market capitalization
• The digital asset successfully breached a downward trend line at $1.10 and surpassed the 23.6% Fibonacci retracement threshold
• Critical resistance zones are positioned at $1.1720 and $1.2080 — breaking through $1.2080 may trigger a rally toward $1.2450
• Should bullish momentum falter near $1.1740, downside targets include $1.1250, $1.110, and $1.050
• Technical analyst Ali Charts identifies $0.90 as a potentially robust accumulation zone for long-term investors

XRP has successfully reclaimed territory above the psychologically important $1 level following recent bearish pressure, currently trading at $1.12. The cryptocurrency has recorded a daily increase of 1.82%, accompanied by $2.93 billion in trading volume and maintaining a market capitalization of $69.45 billion.

The upward movement initiated after XRP maintained critical support above the $1.050 threshold. Following this consolidation, market participants drove the price beyond $1.10 and subsequently through $1.120, eliminating a descending trend line that had previously functioned as resistance on the 60-minute timeframe.

The token has also moved past the 23.6% Fibonacci retracement level calculated from the decline between the $1.3640 peak and the $1.052 bottom. Current price action shows XRP trading comfortably above its 100-hour Simple Moving Average.

Market analyst Ali Charts shared insights on X, highlighting his close monitoring of the $0.90 price zone for XRP. According to his analysis, should the asset retrace to that level, it could present an attractive entry point for those with longer investment horizons.

Critical Resistance Zones Ahead

The immediate obstacle facing XRP bulls stands at $1.1720. Successfully clearing this barrier would establish a pathway toward $1.2080, a level that corresponds with the 50% Fibonacci retracement point. Beyond this threshold, subsequent targets emerge at $1.2150, $1.220, and ultimately $1.2450.

Potential Bearish Scenarios

If XRP encounters resistance near $1.1740 and cannot sustain upward momentum, a retracement becomes likely. The first line of defense appears at $1.1250, with additional support at $1.110. A breakdown beneath $1.110 could accelerate selling toward $1.080, potentially extending to the $1.050 region.

The Relative Strength Index currently reads 25.40, remaining within oversold conditions, though the recent uptick suggests diminishing selling pressure. The MACD indicator continues below its signal line at -0.0700 compared to -0.0476, indicating persistent short-term bearish momentum.

On June 7, analyst Crypto Patel observed that XRP currently trades approximately 37,000% above its 2017 lows. He disclosed his accumulation strategy targets the $1.00 to $0.60 range, suggesting that if XRP eventually reaches $10–$20 in upcoming market cycles, present price levels may appear as favorable entry points retrospectively.

The MACD histogram value of -0.0224 confirms that bearish forces maintain control, and a bullish shift would require a positive MACD crossover to signal definitively changing momentum dynamics.

Key Takeaways

• Securitize received SEC clearance on its Form S-4 filing, advancing its special purpose acquisition company transaction with Cantor Equity Partners II
• A shareholder vote scheduled for June 29 will determine whether the merged entity trades on the NYSE under ticker symbol “SECZ”
• The platform oversees $4 billion in tokenized assets and generated $19.5 million in Q1 revenue, marking a 39% year-over-year increase
• On-chain tokenized real-world assets reached an all-time high of $32 billion in May, representing 220% growth over the past year
• More than 60% of tokenized assets reside on Ethereum and its layer-2 scaling solutions

A leading platform specializing in real-world asset tokenization has cleared a critical regulatory hurdle with the US Securities and Exchange Commission, bringing it one step closer to debuting on the New York Stock Exchange.

The securities regulator declared effective the Form S-4 registration document submitted by Securitize in conjunction with Cantor Equity Partners II, a blank-check company backed by a Cantor Fitzgerald affiliate.

This regulatory green light paves the way for shareholders to cast their votes on June 29. Should the proposal pass, the newly formed entity will begin trading on the NYSE with the ticker symbol SECZ.

According to Carlos Domingo, who co-founded Securitize and serves as its CEO, this represents “another important milestone for Securitize and for the broader institutional adoption of tokenization.”

Understanding Securitize’s Business Model

Securitize holds the position as the dominant tokenization platform measured by market share. With $4 billion in assets under management, the company provides tokenized investment products in partnership with prominent asset managers such as Apollo, BlackRock, BNY, and VanEck.

During the first quarter, Securitize posted revenue totaling $19.5 million, representing a 39% jump compared to the corresponding period in the prior year.

This past March saw the NYSE enter into a memorandum of understanding with Securitize. This partnership forms part of a broader initiative to develop blockchain infrastructure for securities trading on Wall Street.

Real-World Asset Tokenization Hits All-Time Peak

The announcement of this SPAC combination arrives amid unprecedented growth in tokenized real-world assets.

According to data from RWA.xyz, the total value of on-chain RWA reached $32 billion in May. This calculation excludes stablecoins and reflects a 220% surge compared to twelve months earlier.

US Treasury securities comprise nearly half of all tokenized assets on blockchain networks. Commodities represent approximately 16% of the total.

Equities remain a relatively modest segment, constituting just 4.8% of the market, equivalent to roughly $1.5 billion in total on-chain valuation.

Ethereum alongside its layer-2 scaling networks dominates the tokenization landscape, commanding a collective market share exceeding 60%.

The SEC has additionally designated digital assets as a strategic focus area extending through 2030, a policy shift that could prove advantageous for tokenization platforms such as Securitize in the years ahead.

The upcoming shareholder vote on June 29 represents the next critical juncture for the company. Approval would provide retail and institutional investors with direct exposure to one of the world’s largest tokenization platforms.

Should Securitize complete its public listing, it would represent one of the earliest instances of a prominent tokenization company achieving a listing on a conventional stock exchange.

Maelstrom co-founder Arthur Hayes said he sold his Worldcoin (WLD) holdings just days after his venture capital firm described it as one of the cleanest proxies for the AI investment play. 

“This chart is going in the wrong direction,” said Hayes on X on Saturday, showing a chart for the SpaceX pre-IPO perpetual futures contract, which had fallen sharply.

“Dumped WLD. I’m out. See y’all at the clerb,” he added.

It was only on Wednesday that Maelstrom researcher Lukas Ruppert described Worldcoin as an “overlooked” bet on “AI mega IPOs,” predicting WLD would hit $5 by August.

The investor note led to a short rally for WLD, which topped $0.60 on June 5, but has since fallen back to $0.40 on June 7 as Hayes told his 800,000 X followers that he had exited his position. 

Hayes previously said on X that he would hold WLD through the SpaceX IPO on Nasdaq, which is expected on June 12, prompting some to criticize the timing of the sale. 

WLD prices have been extremely volatile over the past week. Source: CoinGecko 

The ‘Holy Trinity is dead’ — or is it? 

WLD adds to the list of crypto assets Hayes has pivoted on despite earlier bullish comments. 

In March, Hayes predicted that Hyperliquid (HYPE) would reach $150 by August and on June 1 said it would “outperform any other current top ten crypto in USD terms from now until year-end,” but sold his entire position in the asset three days later, citing higher energy prices due to the Iran war, “inventory restocking,”  and imminent “mega AI IPOs.”

Related: Hyperliquid bear turns bullish after losing over $46M shorting HYPE

On May 6, Hayes said Zcash would reach 10% of Bitcoin’s price. On June 5, he offloaded his ZEC stash following the discovery of a critical vulnerability in its privacy protocol, claiming that the “Holy Trinity” of HYPE, ZEC, and NEAR was “dead.”

However, Hayes appears to have reversed his position partially. A wallet linked to Hayes bought back around 33,978 HYPE worth around $2 million on Monday, after it had fallen 26% in the wake of his June 4 sale, according to Arkham Intelligence. 

Cointelegraph reached out to Maelstrom for comments but did not receive an immediate response.  

Magazine: Korea probes Polymarket users, crypto PACs sweep primaries: Hodler’s Digest

Key Takeaways

• On June 7, Bybit rolled out tokenized SpaceX IPO participation for VIP and Pro members at $135 per token with a 5% underwriting charge
• Bybit and Kraken both utilize the xStocks infrastructure, managed by Payward Services (Kraken’s parent entity), to deliver this offering
• SpaceX seeks a $1.75 trillion market cap through a $75 billion capital raise — potentially setting a record as the largest IPO ever
• These tokens function as tracker certificates rather than actual equity — holders receive neither voting privileges nor dividend payments
• According to Bybit’s documentation, the assets backing these tokens “may not always consist of the underlying shares”

Major cryptocurrency platforms Bybit and Kraken have introduced tokenized participation in the SpaceX initial public offering, though the product includes significant restrictions and conditions investors should understand.

Bybit’s IPO Express Program Explained

Bybit activated subscription access on June 7 through its IPO Express platform. Eligibility requires VIP or Pro status plus completion of Level 1 identity verification. The subscription period extends through June 11, with token allocation occurring on June 11 and distribution planned for June 12 — coinciding with SpaceX‘s anticipated Nasdaq debut.

Participants pledge USDC at an estimated $135 per token, accompanied by a 5% underwriting charge. The entry threshold sits at 100 USDC, while individual users face a ceiling of 50 subscription requests. Committed capital remains frozen until allocation completion.

Should the actual IPO price fall within 20% of the $135 estimate, Bybit executes automatic subscriptions. When the price exceeds the estimate by more than 20%, participants must provide reconfirmation during a designated timeframe. Final allocations may be fractional or completely unfilled based on overall demand levels.

As of Sunday morning, approximately 550 participants had completed pre-registration, representing roughly $9.1 million in total USDC commitments.

Understanding the xStocks Token Structure

Bybit and Kraken both employ the xStocks infrastructure, operated through Payward Services — the business-to-business division of Kraken’s parent organization. This framework originated from Backed Finance prior to Kraken’s acquisition of the company.

Backed Assets (JE) Limited, a Jersey-domiciled entity, issues these tokens. They operate as tracker certificates — bearer debt instruments designed to mirror SpaceX share price movements. Token holders do not acquire voting authority or dividend entitlements.

While Bybit’s promotional content characterizes the tokens as “backed 1:1 by real equity,” the official product documentation clarifies that underlying collateral “may not always consist of the underlying shares” and permits substitution with cash or alternative assets. Bybit further acknowledges it performs no independent collateral verification.

Kraken introduced its offering on June 5 under the SPCXx ticker symbol, accessible across more than 110 jurisdictions. While Bybit excludes the European Economic Area from its program, Kraken provides access to these regions through a Cyprus-regulated subsidiary.

SpaceX IPO Context and Scale

A consortium of 23 financial institutions is orchestrating SpaceX’s public offering. Goldman Sachs serves as lead underwriter, with Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase following in the syndicate hierarchy. The aerospace company pursues a $1.75 trillion market capitalization with shares priced at $135, aiming to secure approximately $75 billion in capital.

Investor appetite has climbed to roughly $150 billion — approximately twice the company’s fundraising target.

The xStocks tokenization methodology diverges from approaches adopted by competing crypto platforms. Coinbase, Binance, OKX, Bitget, and additional exchanges have instead launched pre-IPO perpetual futures contracts tied to SpaceX. These alternative products carry distinct hazards — Ventuals, one platform provider, recently issued trader compensation following a data malfunction that triggered a 45% decline in its SpaceX perpetual contract within 30 minutes.

SpaceX’s public offering follows its consolidation with Elon Musk’s xAI, which had previously acquired social media platform X.

Syscoin has paused its bridge after a security incident created about 5 billion unauthorized SYS outputs through its UTXO bridge path.

The project said an attacker exploited a validation issue in the bridge flow. The flaw caused the system to incorrectly accept or read a transaction proof and create SYS output that should not have been produced.

Meanwhile, SYS traded near $0.00165 after the update, with a market cap of about $9.7 million, according to CoinGecko. The token was down sharply from its all-time high of $1.30, showing weak market confidence around the project. The token has fallen nearly 10% in the last 24 hours.

Syscoin bridge paused during investigation

Syscoin said the bridge remains paused while the team investigates the incident, completes a fix, and decides how to address the unauthorized SYS output.

“The Syscoin bridge is currently paused while the team investigates,” the project said in its preliminary postmortem.

The team said users should not interact with the bridge while it remains offline. It also said the incident is being treated as a top priority.

Syscoin said it has already identified the affected validation path. The team said it has a fix in place, but review and implementation are still ongoing.

5B SYS output traced on UTXO chain

According to Syscoin, the attacker created an unauthorized output of about 5B SYS through the UTXO bridge path.

The funds were first sent to one address before being spent and split into other outputs. Syscoin said the largest tainted balances appear linked to two addresses holding about 4B SYS and 1B SYS.

The team published the initial UTXO transaction, the later spend, and the split transaction. It said it is tracing the funds across the UTXO trail.

Syscoin also said it is working with exchanges and ecosystem partners. The goal is to stop tainted SYS from being deposited, traded, or spread further.

Exchanges asked to monitor tainted SYS

Syscoin said it contacted exchanges and relevant partners after the incident. The project asked them to blacklist, freeze, or closely monitor SYS deposits tied to the tainted outputs.

The team also asked partners to watch descendant spends from the affected UTXO trail. This step aims to reduce the chance that the unauthorized SYS reaches open markets.

The incident comes as cross-chain bridge security remains under close watch across crypto. Bridges often handle funds across different chains, making validation errors costly when attackers find a weak path.

Related reports show that bridge attacks have remained active in 2026, with several cross-chain systems hit in recent months.

Related crypto.news coverage previously described Syscoin as a dual-layer blockchain that combines Bitcoin-style security with Ethereum-like smart contract support.

That background matters because the latest incident involved Syscoin’s bridge system, which connects activity across its native UTXO side and related blockchain infrastructure.

Separate market reports have also tracked rising bridge risks across the wider crypto sector. Recent cases include attacks on cross-chain systems where flaws or key failures allowed attackers to move large amounts of assets.

For Syscoin, the next update will likely focus on the final remediation plan. The team said it will share more information after it completes the fix and decides how to neutralize the unauthorized output.